It seems that every journalist is writing about ChatGPT. We invited ChatGPT to a Q&A behaving like a Real Estate investor sceptical about tech, and then asked ChatGPT to review the Q&A and write an article like a Real Estate journalist.
ChatGPT: “Here’s my [default] response as a commercial real estate private equity professional who refuses to explore modern technology:
ChatGPT: Look, I appreciate the enthusiasm for new technology and efficiency ideas, but my business is better without it. We’ve been running this ship just fine without all these fancy gadgets and gizmos. Besides, it’s all just a distraction from the real work at hand.
I mean, think about it. You don’t see a Premier League football team relying on technology to win games, do you? No, they rely on good old-fashioned hard work and teamwork. That’s how we run our business too – with a solid team and a lot of elbow grease.
So no offense, but I think we’ll stick to our tried-and-true methods for now. Who needs technology when you’ve got a great team and a winning attitude?”
Q: What do you think about VTS to improve your leasing operations and reduce void time in your buildings?
ChatGPT: “Look, I appreciate the suggestion, but we don’t need VTS or any other technology to improve our leasing operations. We’ve been doing this for a long time, and we know what works best for our buildings.
Besides, what good is VTS if you don’t have a good leasing team in place? It’s like a football team investing in the latest training equipment, but not having any skilled players. At the end of the day, it’s the people that make the difference, not the technology.
So, thanks but no thanks. We’ll stick to our guns and keep doing things the way we know works best for us.”
Q: You’ll save time controlling your portfolio by centralising all your data in one place with something like Coyote Software.
ChatGPT: “I understand the benefits of centralizing data, but we don’t need a fancy software like Coyote to do that. We have a great team that manages our portfolio data manually, and it works just fine.
You know, it’s like a cricket team. You don’t win games just because you have the best equipment; you win because you have a great team that knows how to work together. And that’s what we have – a team that knows how to manage our portfolio data efficiently and effectively.
So, while I appreciate the suggestion, I think we’ll stick to our current methods. After all, if it ain’t broke, why fix it?”
Q: You can’t possibly venture into the latest multi-family growth sector without a powerful residential market data resource like REAlyse. A team cannot research markets in a timely manner if they’re forced to work manually with one arm tied behind their back.
ChatGPT: “I understand where you’re coming from, but we don’t need REAlyse or any other fancy market data resource to succeed in the multi-family growth sector. We have a great team that knows how to research markets efficiently and effectively, and we’ve been successful in our investments so far.
You know, it’s like a rugby team. You don’t win games just because you have the best technology; you win because you have a great team that knows how to work together and make smart decisions. And that’s what we have – a team that knows how to research markets and make sound investment decisions.
So, while I appreciate the suggestion, I think we’ll stick to our current methods. We don’t need technology to tell us what we already know.”
Q: You take days to run Discounted Cash Flows and spend tons of money on Analysts who could be out in the market with clients and finding new opportunities. Why not liberate them by trying out something like DashflowCRE.com? Fresh, audited, easy Models produced in minutes?
ChatGPT: “Look, I understand the appeal of using a website like DashflowCRE to speed up our DCF calculations, but we don’t need it. We have a great team of analysts who know how to run DCFs efficiently and accurately, and they’re already out in the market finding new opportunities.
You know, it’s like a football team. You don’t win games just because you have the fastest players; you win because you have a great team that knows how to work together and make smart decisions. And that’s what we have – a team that knows how to analyze investment opportunities and make sound decisions.
So, while I appreciate the suggestion, I think we’ll stick to our current methods. We don’t need technology to do the work for us – we have a team of skilled professionals who know how to get the job done right.”
Q: Why don’t you use APRAO for residential developments and work with your lenders faster? Butchered templates and disorganised communication with project stakeholders only wastes time and makes your manual team slower than the competition.
ChatGPT: “Look, I understand the benefits of using APRAO to streamline communication and improve efficiency in residential developments, but we don’t need it. We have a great team that knows how to communicate with project stakeholders efficiently and effectively, and we’ve been successful in our developments so far.
You know, it’s like a basketball team. You don’t win games just because you have the latest technology; you win because you have a great team that knows how to work together and communicate effectively. And that’s what we have – a team that knows how to manage residential developments and communicate with project stakeholders.
So, while I appreciate the suggestion, I think we’ll stick to our current methods. We don’t need technology to make us faster or more efficient – we have a team of skilled professionals who know how to get the job done right.”
Q: If you had said this about adopting email or digital mapping, your team would be out of business! Your reasoning is also a bit repetitive. Any new ideas as to why you believe you can avoid the unstoppable march of technology in the commercial real estate investment industry?
ChatGPT: “I understand your point, but I believe that there are certain aspects of the commercial real estate investment industry where human expertise and intuition are still more valuable than technology.
For example, when it comes to analyzing investment opportunities and making sound decisions, there’s no substitute for a team of skilled professionals who know how to read the market and make smart choices. Technology can provide data and insights, but it can’t replace the experience and judgment of a seasoned investor.
Furthermore, real estate is a people business, and personal relationships and connections are still critical to success. While technology can help facilitate communication and streamline processes, it can’t replace the value of face-to-face meetings and personal interactions.
So, while I’m not opposed to using technology where it makes sense, I believe that the human element will always be a crucial component of commercial real estate investment.”
ChatGPT changes into Real Estate journalist:
“As a real estate journalist, I recently had the opportunity to discuss the use of technology in the commercial real estate investment industry with ChatGPT, a language model trained by OpenAI. While ChatGPT offered some resistance to the idea of embracing new technology, the conversation provided some valuable insights into the challenges of introducing technology into the real estate industry.
One key point that stood out was the fear of substituting human intuition for technology. While technology can provide data and insights, it can’t replace the experience and judgment of a seasoned investor. This fear may be one reason why some real estate professionals are hesitant to embrace new technologies.
However, as the conversation highlighted, technology can still play an important role in improving efficiency and streamlining processes. For example, tools like VTS and Coyote Software can centralize data and improve leasing operations, while websites like DashflowCRE can produce accurate DCF calculations quickly.
Ultimately, the success of any real estate investment strategy will depend on a combination of human expertise and technological tools. By finding the right balance between the two, real estate professionals can stay competitive in a rapidly changing industry.”